External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

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Equity Bottom-Up

<ul><li>Sulphur price risk considerationsWe note reports of increased sulphur pricing and potential supply constraints emerging due to the conflict in the Middle East.</li><li>Primarily produced as a by-product of petroleum and natural gas refining, approximately 25% of global production is sourced from the region.</li><li>Production disruptions and shipping restrictions (much of exported supply is shipped through the Strait of Hormuz) have led to supply concerns and price spikes from ~US$250/t to US$500/t.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sulphur price risk considerationsWe note reports of increased sulphur pricing and potential supply constraints emerging due to the conflict in the Middle East.Primarily produced as a by-product of petroleum and natural gas refining, approximately 25% of global production is sourced from the region.Production disruptions and shipping restrictions (much of exported supply is shipped through the Strait of Hormuz) have led to supply concerns and price spikes from ~US$250/t to US$500/t.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nickel Industries (NIC): Brimstone or bust?

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries</li>
<li>UST yields fell 2-6 bps yesterday, with larger declines in the belly of the curve. This was on account of haven flows following US President Donald Trump’s Saturday announcement hiking global tariffs to 15%, as well as uncertainty over future trade moves.</li>
<li>The UST curve bull steepened, with the yield on the 2Y UST dropping 4 bps to 3.44% while that on the 10Y UST declined 5 bps to 4.03%. Equities fell amid renewed anxiety over the impact of AI on existing industries. The S&amp;P 500 and Nasdaq fell 1.0% and 1.1% to 6,838 and 22,627, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries
UST yields fell 2-6 bps yesterday, with larger declines in the belly of the curve. This was on account of haven flows following US President Donald Trump’s Saturday announcement hiking global tariffs to 15%, as well as uncertainty over future trade moves.
The UST curve bull steepened, with the yield on the 2Y UST dropping 4 bps to 3.44% while that on the 10Y UST declined 5 bps to 4.03%. Equities fell amid renewed anxiety over the impact of AI on existing industries. The S&amp;P 500 and Nasdaq fell 1.0% and 1.1% to 6,838 and 22,627, respectively.


<ul>
<li>Long-end UST yields fell marginally yesterday, rebounding from an earlier price drop on strong demand for an auction of 30Y TIPS, as well as haven flows amid tensions over Iran.</li>
<li>The yield on the 2Y UST was unchanged at 3.46%, while that on the 10Y UST fell 2 bps to 4.07%.</li>
<li>Equities declined, with the S&amp;P 500 and Nasdaq both down 0.3% at 6,862 and 22,683, respectively. </li>
</ul>


Long-end UST yields fell marginally yesterday, rebounding from an earlier price drop on strong demand for an auction of 30Y TIPS, as well as haven flows amid tensions over Iran.
The yield on the 2Y UST was unchanged at 3.46%, while that on the 10Y UST fell 2 bps to 4.07%.
Equities declined, with the S&amp;P 500 and Nasdaq both down 0.3% at 6,862 and 22,683, respectively. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries</li>
<li>Front-end UST yields climbed yesterday, following the release of strong Q2/25 GDP and initial jobless claims data.</li>
<li>The UST curve bear flattened, with the yield on the 2Y UST jumping 5 bps to 3.66% and that on the 10Y UST rising 2 bps to 4.17%. Equities fell for a third straight day. The S&amp;P 500 and Nasdaq both declined 0.5% to 6,605 and 22,385, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries
Front-end UST yields climbed yesterday, following the release of strong Q2/25 GDP and initial jobless claims data.
The UST curve bear flattened, with the yield on the 2Y UST jumping 5 bps to 3.66% and that on the 10Y UST rising 2 bps to 4.17%. Equities fell for a third straight day. The S&amp;P 500 and Nasdaq both declined 0.5% to 6,605 and 22,385, respectively.


<ul>
<li>Nickel Industries (NIC) launched a roadshow yesterday to market a USD 144A/RegS 5NC2 senior unsecured notes offering.</li>
<li>The new notes are rated B1 by Moody's and B+ by Fitch.</li>
<li>The expected size is USD 500 mn.</li>
</ul>


Nickel Industries (NIC) launched a roadshow yesterday to market a USD 144A/RegS 5NC2 senior unsecured notes offering.
The new notes are rated B1 by Moody's and B+ by Fitch.
The expected size is USD 500 mn.


Nickel Industries - Event Flash - Launches New Notes And Concurrent Tender Offer - Lucror Analytics

Indonesia

Nickel Industries Limited provides mining services. The Company acquires, explores, and develops nickel projects. Nickel Industries operates in Australia.

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Nickel Industries (NIC AU)

Nickel Industries (NIC): Brimstone or bust?

Sulphur price risk considerationsWe note reports of increased sulphur pricing and potential supply constraints emerging due to the conflict in the...

Bell Potter

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries UST yields fell 2-6 bps...

Lucror Analytics

Lucror Analytics - Morning Views Asia

Long-end UST yields fell marginally yesterday, rebounding from an earlier price drop on strong demand for an auction of 30Y TIPS, as well as haven...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries Front-end UST yields...

Lucror Analytics

Nickel Industries - Event Flash - Launches New Notes And Concurrent Tender Offer - Lucror Analytics

Nickel Industries (NIC) launched a roadshow yesterday to market a USD 144A/RegS 5NC2 senior unsecured notes offering. The new notes are rated B1 by...

Lucror Analytics

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